It is important to check out your competitors. Know the cost of a how much they are selling a product for that you also sell. Can you add something to it (add value) to make yours different and hence make it a more enticing price? For example, perhaps your company would like to provide an additional year of guarantee at no cost, or a repair part free-of-charge or an additional gadget with the initial item. Or maybe you could offer free delivery for a product that you sell. If you have a gift shop, why not offer free gift wrapping service.
And remember your workstyle and personality can also be an asset. Competition isn’t just about the goods or services themselves. It is also about your social and environmental credibility. Consumers are increasingly conscious of the need to show that your business is concerned with labor conditions and isn’t damaging the environment.